The invaluable, incredibly awesome Brad DeLong
responds to a David Wessel
column in The Wall Street Journal. I read Wessel's column, but while I agreed with his apparent skeptical tone, I'm even more in tune with DeLong's dubious nature. He implies - quite rightly - that the Bush people fuck up everything and that this would be no different.
His post contains two very good things. The first is his point that, even if private accounts do yield better results, people are bound to be able to do more with them, and thus, come crawling to the government for help when they screw things up. Now, does Bush have anything substantive to deal with this possibility? If so, I have yet to hear it.
This is basically why I favor some form of private accounts - in top of the existing Social Security system. We could preserve the current system so that workers get a nice chunk of money - not merely a pittance, which is what they would probably get if is indexed to prices - but also give the chance for something extra. As I like to say, everyone would get ice cream, while still having a shot at getting some toppings. More or less, Al Gore proposed something like this in 2000.
Anyway, the second is the phrase "reality-based community." If there was ever a good phrase to describe those who begin to question the Bush administration, that's it. I hereby propose to start using it more often, not just for Bush's remaining days in office, but for the days until the current Republican leadership is voted out, retires, or is indicted. Who's with me?